The energy industry should brace itself for a ‘bumpy road’ on the journey to decarbonisation, Davos 2023 delegates heard today.
In a session on ‘The Different Roads to Energy Transition’, Sumant Sunha, Chairman and CEO, ReNew Power, said, “There’s not going to be a case where one (oil and gas) dials down and one (renewables) dials up, there’s going to be lots of volatility in that whole process. There’s not going to be one single entity managing the transition.
“There is no question we are going to need oil and gas but the question is how quickly are we going to dial that down. Can companies be more ambitious with their targets and channel more capital?”
He anticipates demand for green hydrogen, as that allows us to address the hard-to-abate sectors. “There will be a lot of momentum picking up in the next five-to-10 years,” he said.
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